092021 Do I Need Life Insurance?

If someone depends on you financially, you are most likely someone who

needs life insurance.

Life insurance provides cash to your family or loved ones after your death.

This cash, known as the death benefit, replaces your income and the

many non-paid ways you support your household. Your family can use this

cash to pay for expenses like funeral costs, a mortgage, college tuition

and more.

Just a few examples of people who often answer “yes” to the question of

“Should I get life insurance?” include…

Married couples

Many spouses find it difficult to make ends meet without the other earner’s

income in the picture.

Married couples with kids

In addition to losing one spouse’s income, the surviving parent may have

to pay for childcare and more without the other parent around to pitch in.

Single parents

As the sole income earner for your family, you’ll want to think about how to

replace your child’s only source of financial support.

Stay-at-home parents

From cooking meals to shuttling kids to school to helping with homework,

stay-at-home parents perform many critical responsibilities that would be

costly to outsource.

Empty nesters

Many surviving partners would not be able to maintain the lifestyle they

worked so hard to achieve without life insurance.

Retirees

Depending on the size of your estate, your heirs could be hit with an

estate-tax rate of up to 45%. Fortunately, cash from a life insurance policy

gives heirs access to tax-free money to pay for immediate costs and more.

Business owners

Life insurance can help your business in many ways if you, a fellow owner

or a key employee were to pass away

https://lifehappens.org/life-insurance-101/

Comments

022823 The 9 Benefits of Whole Life Insurance...

(1) Provide for Loved Ones… It’s the basic need everyone thinks about. You have a young family. You are the major breadwinner. Something happens to you. How is Your family supposed to make ends meet? It’s a form of protection. Peace of mind. (2) Key Man Insurance… You and your partner own a business. It’s grown. Many employees Depend on you. If something happens to your partner, it’s likely their Spouse or family will inherit their share of the business. Cash would Be a lot more useful to them. Life insurance on both partners can Provide the cash to buy out heirs and keep the business intact. (3) Emergency Loans… Hopefully your client lives a long life. The whole life policy accumulates Cash value, eventually growing to the full face value, or beyond. Many Policies allow you to borrow money against the cash value. You would pay interest. (4) Funding Estate Taxes… Your client owns a farm. I...

090921 Those Dying From Covid-19 Are Least Likely to Own Life Insurance...

Many companies have sharply reduced estimates of their exposure, as measured by payouts per 100,000 U.S. fatalities As the number of U.S. corona virus deaths surpasses 200,000, public-health experts point to a series of missteps and miscalculations in the country's response. Here’s a look back at how the U.S. became the center of the global pandemic. Sept. 28, 2020 5:30 am ET U.S. life insurers are paying out far fewer Covid-19 death claims than initially expected, largely because the virus is disproportionately killing people with little to no insurance. In the past few weeks, many life-insurance companies have sharply reduced estimates of their exposure, as measured by payouts per 100,000 U.S. Covid-19 fatalities. Estimates have come down by an average of 40% to 50%, according to Credit Suisse stock analyst Andrew Kligerman. Driving the rapid reduction in exposure are two groups… older Americans and minoriti...

080822 Less Common Life Insurance Needs

On top of the most common reasons for buying life insurance, It can help cover some less common needs. These could include… *Insuring Children Buying a policy on a child can ensure that the family will financially Survive the loss of the child, but keep in mind that such a loss is Fairly unlikely. It can also ensure the child’s ability to qualify for life Insurance in the future. That could be helpful in the case of a health Diagnosis that might make it harder to pass the underwriting process. *Replacing Retirement Benefits Life insurance is often marketed as income replacement for an Insured person during their working years, but some retirees may Choose to keep theirs after leaving work. It can be used to replace The loss of any retirement income for their spouse or any dependents. *Investment Permanent life insurance can provide you with a potential income Source. You can access your cash value once it has buil...

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